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United Therapeutics CEO trusts sell 9,500 shares

The plan continues until the earlier of exercise of 1,734,410 stock options, all expiring March 15, 2027, or December 31, 2026.

(Neutral)

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Form Type
4

Rhea-AI Filing Summary

United Therapeutics (UTHR) Chairperson & CEO Martine A. Rothblatt reported that a family trust exercised 9,500 stock options for 9,500 common shares at an exercise price of $117.76 on October 22, 2026; family trusts sold 9,500 resulting shares that day. Reported per-share prices across the sale entries ranged from $562.9700 to $590.3970.

The exercise and sales were made under a pre-arranged Rule 10b5-1 trading plan adopted November 7, 2025. The reported post-transaction stock-option position was 176,410 options. Separate holdings entries list 40,513 directly held common shares and 166 shares held by her spouse.

Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 9,500 shs ($5.54M)
Approx. gross sale proceeds $5.54M
Approx. exercise cost $1.12M
Approx. pre-tax spread $4.42M
Type Security Shares Price Value
Exercise Stock Option F1, F26, F27 9,500 $0.00 $0.00
Exercise Common Stock F1, F2 9,500 $117.76 $1.12M
Sale Common Stock F1, F3, F2 74 $562.97 $42K
Sale Common Stock F1, F4, F2 110 $563.9758 $62K
Sale Common Stock F1, F5, F2 160 $565.0875 $90K
Sale Common Stock F1, F6, F2 160 $570.0825 $91K
Sale Common Stock F1, F7, F2 160 $571.765 $91K
Sale Common Stock F1, F2 40 $573.39 $23K
Sale Common Stock F1, F8, F2 130 $575.3178 $75K
Sale Common Stock F1, F9, F2 190 $576.8018 $110K
Sale Common Stock F1, F10, F2 280 $577.2829 $162K
Sale Common Stock F1, F11, F2 160 $578.5926 $93K
Sale Common Stock F1, F12, F2 160 $579.69 $93K
Sale Common Stock F1, F13, F2 360 $581.0326 $209K
Sale Common Stock F1, F14, F2 400 $581.832 $233K
Sale Common Stock F1, F15, F2 760 $583.0893 $443K
Sale Common Stock F1, F16, F2 1,200 $584.2138 $701K
Sale Common Stock F1, F17, F2 1,756 $585.2412 $1.03M
Sale Common Stock F1, F18, F2 1,280 $586.3061 $750K
Sale Common Stock F1, F19, F2 937 $587.2402 $550K
Sale Common Stock F1, F20, F2 783 $588.1882 $461K
Sale Common Stock F1, F21, F2 240 $589.50 $141K
Sale Common Stock F1, F22, F2 160 $590.397 $94K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock F23 -- -- --
holding Common Stock F24 -- -- --
holding Common Stock F25 -- -- --
Holdings After Transaction: Stock Option — 176,410 contracts (Indirect, by Trust); Common Stock — 628,049 shares (Indirect, by Trust); Common Stock — 40,513 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (27)
  1. F1. This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 15, 2027; or (b) December 31, 2026.
  2. F10. This transaction was executed in multiple trades at prices ranging from $577.19 to $577.45. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  3. F11. This transaction was executed in multiple trades at prices ranging from $578.245 to $579.03. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  4. F12. This transaction was executed in multiple trades at prices ranging from $579.34 to $580.19. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  5. F13. This transaction was executed in multiple trades at prices ranging from $580.50 to $581.27. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  6. F14. This transaction was executed in multiple trades at prices ranging from $581.52 to $582.33. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  7. F15. This transaction was executed in multiple trades at prices ranging from $582.66 to $583.65. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  8. F16. This transaction was executed in multiple trades at prices ranging from $583.67 to $584.66. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  9. F17. This transaction was executed in multiple trades at prices ranging from $584.67 to $585.64. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  10. F18. This transaction was executed in multiple trades at prices ranging from $585.76 to $586.73. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  11. F19. This transaction was executed in multiple trades at prices ranging from $586.77 to $587.725. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  12. F2. Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
  13. F20. This transaction was executed in multiple trades at prices ranging from $587.79 to $588.62. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  14. F21. This transaction was executed in multiple trades at prices ranging from $589.04 to $590.03. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  15. F22. This transaction was executed in multiple trades at prices ranging from $590.09 to $590.79. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  16. F23. Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
  17. F24. Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
  18. F25. Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
  19. F26. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.
  20. F27. Stock options held in a family trust as to which the Reporting Person shares investment power and the Reporting Person and immediate family members are beneficiaries.
  21. F3. This transaction was executed in multiple trades at prices ranging from $562.36 to $563.29. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  22. F4. This transaction was executed in multiple trades at prices ranging from $563.49 to $564.40. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  23. F5. This transaction was executed in multiple trades at prices ranging from $565.05 to $565.10. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  24. F6. This transaction was executed in multiple trades at prices ranging from $570.02 to $570.20. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  25. F7. This transaction was executed in multiple trades at prices ranging from $571.60 to $571.82. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  26. F8. This transaction was executed in multiple trades at prices ranging from $575.11 to $576.07. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  27. F9. This transaction was executed in multiple trades at prices ranging from $576.13 to $577.015. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
Stock options exercised 9,500 options October 22, 2026
Exercise price $117.76 per share Options exercised October 22, 2026
Common shares sold 9,500 shares October 22, 2026
Per-share sale prices $562.9700–$590.3970 per share Prices reported across the sale entries
Post-transaction stock-option position 176,410 options After the October 22, 2026 transaction
Stock options in plan termination condition 1,734,410 options Plan continues until the earlier of exercise of this amount or December 31, 2026
Directly held common shares 40,513 shares Holdings entry dated October 22, 2026
Common shares held by spouse 166 shares Holdings entry dated October 22, 2026
pre-arranged 10b5-1 trading plan financial
"pursuant to a pre-arranged 10b5-1 trading plan"
weighted average price financial
"the price reported above reflects the weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
exercise price financial
"options exercised at an exercise price of $117.76"
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many UTHR shares were sold through Martine A. Rothblatt's family trusts?

Family trusts sold 9,500 United Therapeutics common shares on October 22, 2026, after the exercise of 9,500 stock options at $117.76 per share. Reported per-share sale prices ranged from $562.9700 to $590.3970.

When does Martine A. Rothblatt's UTHR trading plan end?

The pre-arranged plan adopted November 7, 2025, continues until the earlier of exercise of 1,734,410 stock options, all expiring March 15, 2027, or December 31, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR Learn about SEC filing dates
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
ROTHBLATT MARTINE A

(Last)(First)(Middle)
C/O UNITED THERAPEUTICS CORPORATION
1000 SPRING STREET

(Street)
SILVER SPRING MARYLAND 20910

(City)(State)(Zip)

UNITED STATES

(Country)
2. Issuer Name and Ticker or Trading Symbol
UNITED THERAPEUTICS Corp [ UTHR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
Chairperson & CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
10/22/2026
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock10/22/2026M(1)9,500A$117.76333,943Iby Trust(2)
Common Stock10/22/2026S(1)74D$562.97(3)333,869Iby Trust(2)
Common Stock10/22/2026S(1)110D$563.9758(4)333,759Iby Trust(2)
Common Stock10/22/2026S(1)160D$565.0875(5)333,599Iby Trust(2)
Common Stock10/22/2026S(1)160D$570.0825(6)333,439Iby Trust(2)
Common Stock10/22/2026S(1)160D$571.765(7)333,279Iby Trust(2)
Common Stock10/22/2026S(1)40D$573.39333,239Iby Trust(2)
Common Stock10/22/2026S(1)130D$575.3178(8)333,109Iby Trust(2)
Common Stock10/22/2026S(1)190D$576.8018(9)332,919Iby Trust(2)
Common Stock10/22/2026S(1)280D$577.2829(10)332,639Iby Trust(2)
Common Stock10/22/2026S(1)160D$578.5926(11)332,479Iby Trust(2)
Common Stock10/22/2026S(1)160D$579.69(12)332,319Iby Trust(2)
Common Stock10/22/2026S(1)360D$581.0326(13)331,959Iby Trust(2)
Common Stock10/22/2026S(1)400D$581.832(14)331,559Iby Trust(2)
Common Stock10/22/2026S(1)760D$583.0893(15)330,799Iby Trust(2)
Common Stock10/22/2026S(1)1,200D$584.2138(16)329,599Iby Trust(2)
Common Stock10/22/2026S(1)1,756D$585.2412(17)327,843Iby Trust(2)
Common Stock10/22/2026S(1)1,280D$586.3061(18)326,563Iby Trust(2)
Common Stock10/22/2026S(1)937D$587.2402(19)325,626Iby Trust(2)
Common Stock10/22/2026S(1)783D$588.1882(20)324,843Iby Trust(2)
Common Stock10/22/2026S(1)240D$589.5(21)324,603Iby Trust(2)
Common Stock10/22/2026S(1)160D$590.397(22)324,443Iby Trust(2)
Common Stock40,513D
Common Stock166Iby Spouse
Common Stock249,108Iby Trust(23)
Common Stock45,596Iby Trust(24)
Common Stock8,902Iby Trust(25)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option$117.7610/22/2026M(1)9,500 (26)03/15/2027Common Stock9,500$0.00176,410Iby Trust(27)
Explanation of Responses:
1. This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 15, 2027; or (b) December 31, 2026.
2. Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
3. This transaction was executed in multiple trades at prices ranging from $562.36 to $563.29. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
4. This transaction was executed in multiple trades at prices ranging from $563.49 to $564.40. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
5. This transaction was executed in multiple trades at prices ranging from $565.05 to $565.10. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
6. This transaction was executed in multiple trades at prices ranging from $570.02 to $570.20. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
7. This transaction was executed in multiple trades at prices ranging from $571.60 to $571.82. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
8. This transaction was executed in multiple trades at prices ranging from $575.11 to $576.07. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
9. This transaction was executed in multiple trades at prices ranging from $576.13 to $577.015. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
10. This transaction was executed in multiple trades at prices ranging from $577.19 to $577.45. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
11. This transaction was executed in multiple trades at prices ranging from $578.245 to $579.03. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
12. This transaction was executed in multiple trades at prices ranging from $579.34 to $580.19. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
13. This transaction was executed in multiple trades at prices ranging from $580.50 to $581.27. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
14. This transaction was executed in multiple trades at prices ranging from $581.52 to $582.33. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
15. This transaction was executed in multiple trades at prices ranging from $582.66 to $583.65. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
16. This transaction was executed in multiple trades at prices ranging from $583.67 to $584.66. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
17. This transaction was executed in multiple trades at prices ranging from $584.67 to $585.64. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
18. This transaction was executed in multiple trades at prices ranging from $585.76 to $586.73. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
19. This transaction was executed in multiple trades at prices ranging from $586.77 to $587.725. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
20. This transaction was executed in multiple trades at prices ranging from $587.79 to $588.62. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
21. This transaction was executed in multiple trades at prices ranging from $589.04 to $590.03. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
22. This transaction was executed in multiple trades at prices ranging from $590.09 to $590.79. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
23. Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
24. Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
25. Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
26. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.
27. Stock options held in a family trust as to which the Reporting Person shares investment power and the Reporting Person and immediate family members are beneficiaries.
Remarks:
/s/ John S. Hess, Jr. under Power of Attorney10/23/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

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